{"id":15111,"date":"2025-09-09T18:49:26","date_gmt":"2025-09-09T18:49:26","guid":{"rendered":"https:\/\/taxops.com\/?p=15111"},"modified":"2025-09-09T19:51:50","modified_gmt":"2025-09-09T19:51:50","slug":"are-you-ready-to-adopt-asu-2023-09","status":"publish","type":"post","link":"https:\/\/taxops.com\/are-you-ready-to-adopt-asu-2023-09\/","title":{"rendered":"Are you Ready to Adopt ASU 2023-09?"},"content":{"rendered":"\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09-1024x576.png\" alt=\"\" class=\"wp-image-15114 lazyload\" data-srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09-980x551.png 980w, https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09-480x270.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><noscript><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09-1024x576.png\" alt=\"\" class=\"wp-image-15114 lazyload\" srcset=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09-980x551.png 980w, https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09-480x270.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/noscript><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em><em><em><em><em><em>ASU 2023-09 updates ASC 740 to improve transparency in income tax disclosures, focusing on tax exposures and cash flow insights. Key changes include expanded rate reconciliation, disaggregated tax payments, and new reporting requirements for public and non-public entities.<\/em><\/em><\/em><\/em><\/em><\/em><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">By <a href=\"https:\/\/taxops.com\/lindsay-haskell\/\">Lindsay Haskell<\/a> and <a href=\"https:\/\/taxops.com\/lauren-staub-2\/\" target=\"_blank\" rel=\"noopener\" title=\"Lauren Staub\">Lauren Staub<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In December, 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09 (<a href=\"https:\/\/www.fasb.org\/page\/document?pdf=ASU%202023-09.pdf&amp;title=ACCOUNTING%20STANDARDS%20UPDATE%202023-09%E2%80%94Income%20Taxes%20(Topic%20740):%20Improvements%20to%20Income%20Tax%20Disclosures\">ASU 2023-09<\/a>), introducing significant changes to income tax footnote disclosures for entities subject to ASC 740.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Key adoption dates<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Public companies: Annual periods beginning after December 15, 2024<\/li>\n\n\n\n<li>Non-public entities: Annual periods beginning after December 15, 2025<\/li>\n\n\n\n<li>Entities may adopt the amendments prospectively or elect retrospective application<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">FASB updated the requirements for income tax footnote disclosures to enhance transparency and usefulness to investors, lenders, creditors, and other users of financial statements. Specifically, the updates are designed to help these users better understand tax law exposures and provide more detailed information for cash flow forecasts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The amendments expand effective rate reconciliation disclosures, require detailed disclosures of taxes paid, along with other additional disclosures relating to an entity\u2019s operations, the highlights of which are provided below.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Rate Reconciliation Enhancements<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For greater consistency, the following specific categories are required to be disclosed for public business entities using both percentages and amounts (for non-public entities percentage disclosure not required):&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>State and local income taxes, net of federal benefit\u00a0<\/li>\n\n\n\n<li>Foreign taxes\u00a0<\/li>\n\n\n\n<li>Effect of changes in tax laws or rates\u00a0<\/li>\n\n\n\n<li>Effect of cross-border tax laws\u00a0<\/li>\n\n\n\n<li>Tax credits\u00a0<\/li>\n\n\n\n<li>Changes in valuation allowances\u00a0<\/li>\n\n\n\n<li>Non-taxable or nondeductible items\u00a0<\/li>\n\n\n\n<li>Changes in unrecognized tax benefits\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Additional disclosures are required for the effect of cross-border tax laws, foreign taxes (including details by country), a qualitative description of state and local income taxes jurisdictions that make up the majority of the amount, and unrecognized tax benefits. If not otherwise evident, additional qualitative disclosures are required for specific categories of reconciling items and individual jurisdictions that result in a significant difference between the statutory tax rate and the effective tax rate.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Income Taxes Paid<\/strong>&nbsp;<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For all entities, the amount of income taxes (net of refunds) paid must be disclosed, categorized by federal, state, and foreign taxes. Further details as to payments made to individual jurisdictions must be presented for all amounts greater than 5% of the total income taxes paid.&nbsp;&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Other Disclosures\u00a0<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Entities are required to report income or loss from continuing operations before income taxes, segmented by domestic and foreign sources. They must also disclose income tax expense from continuing operations, broken down into federal, state, and foreign components.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further required disclosures include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The statutory tax rate applied, with an explanation if it differs from the federal rate<\/li>\n\n\n\n<li>Any changes in valuation allowances related to deferred tax assets<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">ASC 740 Disclosure Requirements: Before vs. After ASU 2023-09<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Disclosure Area<\/strong><\/td><td><strong>Before ASU 2023-09<\/strong><\/td><td><strong>After ASU 2023-09<\/strong><\/td><\/tr><tr><td>Rate Reconciliation<\/td><td>Required for public entities; typically presented in either % or $<\/td><td><strong>Required tabular format<\/strong> for public entities showing <strong>both % and $<\/strong> for reconciling items \u2265 5% of statutory rate; nonpublic entities may omit %<\/td><\/tr><tr><td>Categories in Rate Reconciliation<\/td><td>Flexible categories, not standardized<\/td><td>Required standardized categories: Federal, State, Foreign, Valuation Allowance, Tax Credits, Nondeductible Expenses, Other<\/td><\/tr><tr><td>Income Taxes Paid<\/td><td>Total taxes paid (net of refunds) disclosed on a gross basis in cash flow statement; often limited disclosure in footnotes<\/td><td>Required disaggregation of income taxes paid by <strong>federal, state, and foreign<\/strong>. Jurisdictions \u2265 5% of total must be individually disclosed<\/td><\/tr><tr><td>Income (Loss) Before Income Taxes<\/td><td>Required, but not necessarily disaggregated by geography<\/td><td>Must be disaggregated into <strong>domestic vs. foreign<\/strong> income (or loss)<\/td><\/tr><tr><td>Statutory Tax Rate Used in Reconciliation<\/td><td>Not explicitly required<\/td><td>Must disclose the <strong>statutory tax rate<\/strong> used and explain why it differs from the federal rate, if applicable<\/td><\/tr><tr><td>Valuation Allowance Changes<\/td><td>Limited narrative disclosure; changes often buried in deferred tax asset (DTA) rollforward<\/td><td>Must disclose qualitative and quantitative information about significant changes in valuation allowances<\/td><\/tr><tr><td>DTA\/DTL Categories<\/td><td>Balance sheet classification and qualitative disclosures; detailed categories not always presented<\/td><td>No major change, but changes to valuation allowance disclosures may affect presentation and detail<\/td><\/tr><tr><td>Interim Reporting<\/td><td>No change<\/td><td>ASU 2023-09 does <strong>not change interim reporting<\/strong> requirements under ASC 740<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">What to do now<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Review your current tax disclosures for compliance with the updated standards. Work with tax and accounting teams to gather required data, choose between prospective or retrospective adoption. If you&#8217;re a private company, evaluate the potential benefits of early adoption for 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We suggest that companies begin working with their tax advisors now to understand these new requirements, assess what additional information is to be disclosed, and determine how to gather that information in advance of the effective dates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For guidance tailored to your business, reach out to&nbsp;<a href=\"https:\/\/taxops.com\/lindsay-haskell\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lindsay Haskell<\/a>&nbsp;at TaxOps to continue this discussion.<\/p>\n\n\n\n<div style=\"height:47px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h4 class=\"wp-block-heading\">Read more ASC 740<\/h4>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/taxops.com\/business-combinations-taxable-non-taxable-transactions\/\">Business Combinations: Taxable &amp; Non-taxable Transactions<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/taxops.com\/getting-asc-740-right-avoiding-costly-tax-reporting-mistakes\/\">Getting ASC 740 Right: Avoiding Costly Tax Reporting Mistakes<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/taxops.com\/asc-740-frequently-asked-questions-accounting-for-income-taxes\/\">ASC 740: Frequently Asked Questions, Accounting for Income Taxes<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/taxops.com\/significance-of-inadequate-transfer-pricing-documentation-on-asc-740\/\">Significance of Inadequate Transfer Pricing Documentation on ASC 740<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/taxops.com\/navigating-return-to-provision-adjustment-in-asc-740\/\">Navigating Return to Provision Adjustment in ASC 740<\/a><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Disclaimer: This content is for educational purposes only and is not intended, nor should it be relied upon, as legal, tax, accounting or investment advice. You should consult with a competent professional to discuss specifics of your situation and the applicability of the information presented.&nbsp;<\/em><\/p>\n\n\n\n<div style=\"height:57px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/taxops.com\/contact\/\">Talk to a Business Tax Advocate<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/auditor-independence-in-the-age-of-private-equity\/\">Auditor Independence in the Age of Private Equity: What CFOs Need to Know<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/r-d-credits-for-software-companies\/\">R&amp;D Credits for Software Companies: Scrum Teams, Qualifiers, and Section 174 After OBBBA<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/section-174-decoupling-what-tax-pros-need-to-know-state-by-state\/\">Section 174 Decoupling: What Tax Pros Need To Know State By State<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/sean-espy-new-partner\/\">TaxOps Welcomes Sean Espy as Partner, Tax Minimization<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/taxops.com\/state-nexus-demystified-navigating-tax-compliance-after-wayfair-episode-1-2\/\">Your Tax Footprint Is Probably Bigger Than You Think: What Finance Leaders Need to Know About State Nexus<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>ASU 2023-09 updates ASC 740 to improve transparency in income tax disclosures, focusing on tax exposures and cash flow insights. Key changes include expanded rate reconciliation, disaggregated tax payments, and new reporting requirements for public and non-public entities. By Lindsay Haskell and Lauren Staub In December, 2023, the Financial Accounting Standards Board (FASB) issued Accounting [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":15114,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:spacer {\"height\":\"41px\"} -->\n<div style=\"height:41px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:image {\"id\":14221,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-large\"><img src=\"https:\/\/taxops.com\/wp-content\/uploads\/2025\/01\/2025-Colorado-State-and-Local-Tax-Legislation-1024x576.png\" alt=\"\" class=\"wp-image-14221\"\/><\/figure>\n<!-- \/wp:image -->\n\n<!-- wp:quote -->\n<blockquote class=\"wp-block-quote\"><!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>Judy Vorndran, lead partner of state and local tax at TaxOps, testified before the Colorado Senate Finance Committee on January 28, 2025. She addressed SB25-018 and SB25-046, proposed legislation that would create a searchable database and enhance audit confidentiality. Below is a summary of her remarks<\/em>.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>Following testimony and discussion, the Finance Committee unanimously passed both bills. SB25-018 now moves to the Committee on Appropriations while SB25-046, as amended, has been referred to the full Senate and placed on the Senate consent calendar.<\/em> <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph {\"align\":\"center\"} -->\n<p class=\"has-text-align-center\"><em>\"It was an amazing experience to look in all of their faces and explain why these laws make Colorado more competitive and are good for both government and taxpayers<\/em>,\"<em>  ~ Judy Vorndran <\/em><\/p>\n<!-- \/wp:paragraph --><\/blockquote>\n<!-- \/wp:quote -->\n\n<!-- wp:group {\"layout\":{\"type\":\"constrained\"}} -->\n<div class=\"wp-block-group\"><!-- wp:spacer {\"height\":\"34px\"} -->\n<div style=\"height:34px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"textAlign\":\"center\"} -->\n<h2 class=\"wp-block-heading has-text-align-center\">Testimony on SB25-018, Online Search of Sales and Use Tax, and SB25-046, Local Government Tax Audit Confidentiality Standards<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:spacer {\"height\":\"42px\"} -->\n<div style=\"height:42px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer --><\/div>\n<!-- \/wp:group -->\n\n<!-- wp:paragraph -->\n<p>Good afternoon, members of the <a href=\"https:\/\/leg.colorado.gov\/committees\/finance\/2024-regular-session\" target=\"_blank\" rel=\"noopener\" title=\"Senate Finance Committee\">Senate Finance Committee<\/a>. My name is <a href=\"https:\/\/taxops.com\/judith-vorndran\/\" target=\"_blank\" rel=\"noopener\" title=\"Judy Vorndran\">Judy Vorndran<\/a>. I am a partner in the tax specialty firm TaxOps and a member of the &nbsp;Sales and Use Tax Simplification Task Force.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I am here to testify in support of two bills, SB25-018 and SB25-046. A summary of my statement follows.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"43px\"} -->\n<div style=\"height:43px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">SB25-018, Online Search of Sales and Use Tax<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>SB25-018 aims to create a searchable database for sales and use tax licenses and exemption certificates. This bill is crucial for improving transparency and compliance in our tax system.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">Key Points<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><strong>Importance of a Searchable Database:<\/strong><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>SB25-018 proposes the creation of a database at the state and department of revenue level, allowing taxpayers to look up licenses and entities.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Benefits for Taxpayers:<\/strong><ol><li>Having access to a searchable database would be a significant advantage for taxpayers. It would help them ensure that vendors are properly licensed and collecting the correct tax amounts.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>This measure would also align Colorado with other states, such as Texas, which already have similar databases in place. These databases have proven to be extremely helpful for taxpayers in those states.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Improved Compliance:<\/strong><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The searchable database would facilitate better compliance with tax laws. Taxpayers would be able to verify the status of vendors and themselves, reducing the risk of errors and ensuring accurate tax collection.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>SB25-018 is a vital step towards enhancing transparency and compliance in Colorado's tax system. I urge the Committee to support this bill and help create a more efficient and taxpayer-friendly environment.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"46px\"} -->\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">SB25-046, Local Government Tax Audit Confidentiality Standards<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>SB25-046 addresses the confidentiality standards for local government sales or use tax audits. This bill would both protect taxpayer information and ensure fairer audit practices.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\">Key Points<\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Confidentiality Concerns:<ol><li>SB25-046 aims to establish uniform confidentiality standards for local government tax audits. This is important because third-party auditors often conduct these audits, and there are concerns about how taxpayer information is handled and shared.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>Currently, third-party auditors are not always licensed professionals, and there is no regulation ensuring their confidentiality practices. This raises significant concerns about the protection of sensitive taxpayer information.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Issues with Third-Party Auditors:<ol><li>Many home-rule cities do not have captive auditors and rely on third-party auditors who may conduct audits on behalf of multiple jurisdictions. This can lead to inefficiencies and increased taxpayer burdens.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>There are instances where third-party auditors may target large taxpayers, leading to multiple audits across different cities. This practice is also burdensome and raises concerns about the confidentiality of taxpayer information.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Need for Regulation:<ol><li>There is a need for stricter regulation and oversight of third-party auditors to ensure they adhere to uniform confidentiality standards. This includes establishing ethical and fiduciary duties similar to those required of licensed professionals.<\/li><\/ol><!-- wp:list {\"ordered\":true} -->\n<ol class=\"wp-block-list\"><!-- wp:list-item -->\n<li>The bill also highlights the importance of transparency in the contracts between cities and third-party auditors. These contracts should be subject to public scrutiny to ensure accountability.<\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list --><\/li>\n<!-- \/wp:list-item --><\/ol>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>SB25-046 is essential for protecting taxpayer information and ensuring fair audit practices. I urge the Finance Committee to support this bill and help create a more transparent and accountable audit process. <\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>I would be happy to answer related questions you may have, and I thank you for the opportunity to weigh in on these important pieces of legislation.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:spacer {\"height\":\"57px\"} -->\n<div style=\"height:57px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:buttons {\"layout\":{\"type\":\"flex\",\"justifyContent\":\"center\"}} -->\n<div class=\"wp-block-buttons\"><!-- wp:button -->\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/taxops.com\/contact\/\">Talk to a Business Tax Advocate<\/a><\/div>\n<!-- \/wp:button --><\/div>\n<!-- \/wp:buttons -->\n\n<!-- wp:spacer {\"height\":\"53px\"} -->\n<div style=\"height:53px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<!-- \/wp:separator -->\n\n<!-- wp:heading -->\n<h2 class=\"wp-block-heading\">Read more<\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:latest-posts \/-->","_et_gb_content_width":"","spt_transcript":"","footnotes":""},"categories":[230,228,226],"tags":[252,1145,284,12,1144,1158,126,26,265,1135,492,1134,18,19,316,1136,30,810,101,799,605,262,79,267,620,80,712,1138,1137,74],"class_list":["post-15111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asc-740","category-federal-tax","category-tax-news","tag-accountant","tag-advocate","tag-cfo","tag-colorado","tag-colorado-society-of-cpa","tag-continuous-education","tag-cpa","tag-cpe","tag-finance-professional","tag-iaas","tag-leadership","tag-saas","tag-sales-and-use-tax","tag-sales-tax","tag-salt","tag-software-providers","tag-state-and-local-tax","tag-state-income-tax","tag-state-tax","tag-tax-advisor","tag-tax-automation","tag-tax-planning","tag-tax-preparer","tag-tax-professional","tag-tax-professionals","tag-tax-provider","tag-tax-school","tag-tax-tools","tag-tax-vendors","tag-taxops"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/taxops.com\/wp-content\/uploads\/2025\/09\/Are-you-Ready-to-Adopt-ASU-2023-09.png","_links":{"self":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/15111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/comments?post=15111"}],"version-history":[{"count":8,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/15111\/revisions"}],"predecessor-version":[{"id":15123,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/posts\/15111\/revisions\/15123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media\/15114"}],"wp:attachment":[{"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/media?parent=15111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/categories?post=15111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taxops.com\/wp-json\/wp\/v2\/tags?post=15111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}